Although we have moved to a longer-term, 10-year forecast, our view of Latin America's telecommunications market isessentially unchanged, particularly while the timeframe for 5G adoption remains uncertain owing to a lack of spectrum and ongoingcommitments to 3G/4G. Regulation and fragmentation remain the key barriers for growth: as the region's markets are at differentstages of development, so regulators are pursuing different goals and operators using different strategies. Economic and politicalrisk can negatively affect investment even in the more robust markets: forward-looking investors are looking to upgrade existingnetworks and prepared to face low short-term returns. These are a prerequisite to be able to offer advanced services like videocontent, IoT and fintech, where investors expect to realise higher returns in the future. Telefónica tends to lead in this, with AméricaMóvil and Millicom following from a distance.